Published: Aug. 29, 2023 at 3:22 a.m. ET
By Elena Vardon
Argo Blockchain said its pretax loss for the first half of 2023 narrowed despite a revenue drop due to lower Bitcoin prices.
The London-listed cryptocurrency miner on Tuesday said it made a pretax loss of $18.6 million in the six months ended June 30 compared with a pretax loss of $47.9 million in the same period a year earlier.
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By Elena Vardon
Argo Blockchain said its pretax loss for the first half of 2023 narrowed despite a revenue drop due to lower Bitcoin prices.
The London-listed cryptocurrency miner on Tuesday said it made a pretax loss of $18.6 million in the six months ended June 30 compared with a pretax loss of $47.9 million in the same period a year earlier.
Revenue fell to $24.0 million from $34.6 million on lower Bitcoin prices, higher global hashrate and network difficulties. Its mining margin was $10.2 million, down from $24.4 million, falling to 42% from 71%, it added.
Foreign exchange losses narrowed to $1.4 million from $13.3 million, while the company booked a $489,000 gain in fair value of digital currencies against a $55.0 million loss the previous year.
“For the remainder of 2023, the company will continue to focus on strengthening the balance sheet and growing the business,” Chairman Matthew Shaw said.
Write to Elena Vardon at elena.vardon@wsj.com
